Frutarom acquires Russian flavors company

7:42 AM MST | November 18, 2013 | Deepti Ramesh

Flavors and fine ingredients company Frutarom Industries (Haifa, Israel) says it has concluded the terms of an agreement for the acquisition of 75% of the share capital of the Protein Technologies Ingredients Group (PTI; Moscow), for $50.3 million, reflecting a company value of $67 million. PTI has net assets valued above $40 million and no debt. PTI had sales of $111 million in 2012, Frutarom says. The transaction will be completed in the coming days and will be financed with a bank loan, Frutarom says. The agreement includes an option to acquire the remaining...